FUNDING

There would be hundreds and thousands advice flowing in when you ask about investment but there would hardly be anyone who would be willing to invest. The best advice regarding the funding would be: start the business with your own savings or borrow from a bank. I highly recommend the former or a combination that includes it, since it makes you pinch your pennies a little more. If you go the bank route, make sure the business plan is polished to a high shine. Apart from the best advice there is one golden rule and that is as simple as this: Don’t borrow money from family or friends. 99% of the time, you won’t be able to pay them back, and on the off-chance you are, it won’t be for months or years and if in case you don’t or you hardly could repay the family loan then it’s surely going to make some room for bad blood. Since it is about money the best for a young entrepreneur would be to hire an accountant. In starting your business and maintaining its future financial health, there is no greater ally than an accountant. He or she will be able to give advice on innumerable aspects of your new venture. They can advise on what type of business entity to start with, setting up bank accounts, a means of invoicing and collecting, and more. Most importantly, they also guide you on paying taxes properly and punctually.